The significance of project management in a flourishing business
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Date
2021-06-22
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Abstract
Organization who incorporate project management shows better utilization of resources,
reduced cost, shorter development times and a better focus on results and quality. Also,
organizations using project management have strong inter-departmental cooperation that
builds synergies across the organization. Project management is a relevant issue in both
public and private organizations. The implementation of practices in project management
in these organizations is the most significant field in developed and developing countries,
since it identifies methodologies and actions required to achieve the strategic goals of the
organizations. The aim of this research was to explore the significance of project
management in a flourishing business of an organization. Three objectives were set on
which literature review was conducted. The first objective was to identify the
significance of project management for a successful business operations. The second
objective was to identify factors that hinder project management effectiveness in an
organization and the third objective was to identify factors that contributes to successful
project management in an organization. This study adopted quantitative method in which
survey questionnaires were administered to respondents involved with project
management yielding a response rate of 83 percent. The statistical tools utilized in data
analysis include mean score; and descriptive statistics. The findings of the research
indicated that “Shortage and late access to resources; Improper planning; Cash-Flow
problems; and Lack of effective communication” are factors that hinder project
management effectiveness in an organization. Also, the findings indicated that “Effective
management of project cash inflow and outflow; Precise definition of project scope and
objectives; Appropriate and effective project change management in terms of
design/scope; and Effective management of project time schedules are factors that
contributes to successful project management. It was recommended that Organizations
put in their best to enhance effective project management through effective planning,
monitoring and coordination of project activities. Moreover, establishment of efficient
teamwork and cooperation among project team members and effective control of
organizational bureaucratic culture. Also management in organization should ensure
effective communication and rapid information flow amongst project participants.
Description
A thesis submitted to the Department of Construction Technology and Management, Kwame Nkrumah University of Science and Technology in partial fulfillment of the requirements for the Degree of Master of Science
Keywords
Project managemen, Project, , Public organization